Start a tech startup with an invention or a good idea: information, tips and tricks
What steps should you take when considering starting your own business with an invention or a good idea? For those with a brilliant business idea or a fantastic invention, it can often be challenging to determine exactly what needs to be done and in what order.
With your tech startup in mind, maximizing the chance of turning the invention or idea into a great commercial success and earning serious profits is your top priority. And it is essential that you, as the inventor, are the one who benefits financially from your invention or idea, rather than others collecting the big rewards.
It is important to note that, even though you may have a strong emotional connection to the newly developed technology and a desire to share it with the world, it is not desirable for everyone except yourself to get the financial benefits. Such an outcome is not in line with your intention. This is a common challenge faced by every technostarter, regardless of the sector in which you are active.
Every technostarter in history has faced the challenge of taking the first step and starting their own company. When launching a company that aims to market a new technology, it is crucial to understand the key considerations and necessary steps involved. Following the initial launch, the company typically needs to continue developing the new technology in order to prepare it for introduction to the market. Together with the daily operations of your company, this requires (a lot of) money, which can be attracted in the form of subsidies and/or external funding. When money is involved, the tax authorities also come into play. What should you watch out for? An important aspect of technostarters with an invention, the protection is so that not everyone can just copy your product. How do you handle this? And finally, it is important to be able to estimate the value of your invention or of you whole company. This comes into play when you intend to attract capital from investors, but also when the company becomes successful and you step out as a founder and the company will be sold. All these things are important for a technostarter. And to successfully complete the adventure of setting up a company with a good idea or an invention you can't afford to focus only on the technology that you love. As enticing as that may be. Therefore, on this site you can find information about: how to start a company, how to get a patent, how to find capital, and how to value your startup.Invention or a good idea?
The idea is that you are using this site for shaping your plans and more purposefully take the first steps. Many questions have to be answered. When you think you have a good idea or a brilliant invention, you may have to apply for a patent to protect your invention to protect. And how can you apply for a subsidy for your invention to further develop your idea? How do you arrange the financing of your company and start-up capital? And how to start you a startup now? And of course you will have to deal with the tax authorities, but you have not yet earned anything. There are already many sites that are about starting your own business. However, there are almost no sites that are about what you should do when you have an invention or a good idea but no money. Technoventure therefore offers you a little knowledge that you need to structure the way from the idea to the market. A important part of the information is about the financial aspects of that road: how do I get for example in terms of financing or subsidies? And not unimportant if you are already a bit further: what is my idea worth?
Start your own business with an invention or a good idea?
There are many people walking around with a good idea or that one spend a lot of time on technical development of their idea. They dream of making a lot of money themselves earn with their idea in their own company. Starting for yourself, starting a startup and so your own to make money. No more leaving your boss rich become by your good ideas. Being your own boss, more freedom have more creative possibilities important arguments. In practice it turns out that only a few put their money where their mouth is and take the first steps. The rest hold for the time being at dreams.
Quest
Often and extended search follows along various officials, investors, advisers, even more advisers, grant providers, patent attorneys, lawyers, accountants, others entrepreneurs and so on. The picture will not become brighter because all of these, often extremely helpful counselors, can tell you only part of the story and of course they also have their have own interests. At Technoventure.eu you will therefore find useful and interesting information about topics related to doing business in general and starting a startup based on an idea or invention.
How do you turn your idea into a tech startup? The start of any innovative company is the brilliant idea. This idea may be an invention or technology which has to be developed to a new product or also an idea for a service. Of course, a tech startup is the first step towards a successful technology company. In practice, it shows that most successful business ideas are developed by people who have gained the necessary relevant skills and experience. They knew what technology the customer needs and they had enough knowledge of the market to develop a successful concept and also managed to develop the concept to a real business. However, there are also examples of revolutionary concepts developed by absolute newbies in the field. It's definitely fun and instructive to read about successful entrepreneurs and dream about such great success.
Think as an investor and transform your technology into a company
From the very beginning it is very important to think about your technology from the perspective of an investor. This means that you should be able to explain clearly, concise and convincing what your market is, how your are going to reach your customers and how the money is earned with your idea. Obviously, your technology "works", but do not make the mistake of giving the impression that you're in love with it, or worse: that you actually are looking for a another grant to be able to perform more research!
The development of new technology from an idea
Remember, from the perspective of the investor the great idea, even how brilliant it may be, is worth nothing! Therefore, you should invest sufficient time to further develop your technology to a fully developed business idea which is packed in a business model. This will be the basis for your company. A business plan will come later. In other words, stop dreaming because there is a lot of work that must be done!
How to start your tech startup?
Do not start too complicated. Start with a test of the feasibility of the business idea. At first, focus on the product. How viable is it? How innovative is the technology and the product? Should any technology yet be developed or is it a combination of existing technologies? Are you able to protect the technology? Are there any competing products on the market? What will your team look like? How much money do you need and what are the estimated costs and price of your product? In short, many questions will arise within a very short time. With the best answers for this moment your idea gradually increases in detail and the feasibility is mapped. Do not be afraid to discuss your idea with friends, experts and potential customers. It is often possible to give an abstract description of the idea without going too much into detail. Moreover, people are often too busy with their own business to start chasing your ideas.
The beginnings of Hewlett-Packard (HP)
The vast majority of technostarters start small. Hewlett-Packard also started small, namely in the rented garage which you can see below (1939). This wooden garage is considered the beginning of Silicon Valley.
